Name: (NY) - Lasse Pedersen: How Smart Money Invests and Market Prices Are Determined
Start: 2015-04-22T17:45:00-04:00
End: 2015-04-22T20:30:00-04:00
Location: NYU Kimmel Center, Room 914

Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined

Lasse Heje Pedersen

5:45pm Registration
6:00pm Seminar
7:30pm Reception

Abstract

In a new book and accompanying research, I demonstrate that markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new way to analyze investment strategies, including equity strategies, macro strategies, and arbitrage strategies. These ideas are illuminated further by interviews with leading hedge fund managers Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros. More information is available at http://www.lhpedersen.com/efficiently-inefficient.

Biography

A professor at Copenhagen Business School and NYU and a principal at AQR Capital Management, Lasse Heje Pedersen is a distinguished academic and an asset manager. He has published a number of influential research papers on asset pricing, liquidity risk, and trading strategies, which have been cited by Ben Bernanke and other central bank governors around the world and in thousands of academic and industry papers. He has won a number of awards, including the Bernácer Prize to the best E.U. economist under 40 years of age. Further, he has served in the Liquidity Working Group meeting at the Federal Reserve Bank of New York to address liquidity issues during the global financial crisis, the New York Fed's Monetary Policy Panel, the Economic Advisory Boards of NASDAQ and FTSE, as a Director of the American Finance Association, and on the editorial boards of several journals such as the Journal of Finance and Quarterly Journal of Economics. He received his B.S. and M.S. from University of Copenhagen and his Ph.D. from Stanford University.

Disclaimer

This a joint IAQF/Thalesians seminar, and not an instructional program of New York University.

Harvey Stein

Thales of Miletus

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(NY) - Lasse Pedersen: How Smart Money Invests and Market Prices Are Determined

NYU Kimmel Center, Room 914

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